Community Solar Co-op Shares Snapped Up At Young Henrys
Shares in a community-based solar co-op in Sydney sold out in minutes last month. A Non-Profit group of ‘energy citizens’ called Pingala is behind a community solar farm, on the roof of Young Henry’s Brewery in Sydney’s inner west.
An Alternative To Private Rooftop Solar
Community owned solar farms offer an alternative to private rooftop solar. You can own a stake in a local solar farm to offset rising energy bills.
Pingala together with the local community choose a rooftop site on which to build and operate the solar farm – a local hotel, school, car park or wherever makes sense.
Building Community Support For Renewables
Pingala believes that everyone should be involved in and benefit from energy generation, distribution, retailing and usage. It plans building community owned and run solar farms across Sydney, promoting and sharing the benefits of renewable energy.
The End Result
- A solar farm project ends up with the host paying a fair and stable electricity price for the duration of the contract and once the cost of installation is paid, profits flow to the community shareholders
- The community develops skills and knowledge, helps implement a low carbon solution and enjoys a satisfying social, financial and environmental return on investment
- The host site develops a stronger connection with the community, enjoys positive publicity and benefits from solar without having to invest significant time or money in the project
